Rayanne Harmon

The best sole proprietorship bank accounts come with free or easily waivable monthly fees and extend services such as domestic and international wires, automated clearing house (ACH), merchant services, and software integrations to make banking more affordable and convenient. As a sole proprietor, partnering with the right bank builds a strong financial management system for…

Positive pay is a powerful automated anti-fraud tool that protects businesses and banks from unauthorized checks being paid. Banks use it to quickly analyze and match checks against a file submitted by the business to confirm the account number, check number, and check amount. If the check presented for payment matches the file exactly, it’s…

M&T Bank has a wide variety of business checking accounts and serves the Mid-Atlantic and Northeast regions of the US. It offers two main business accounts for startups and growing businesses and three specialty accounts for businesses seeking interest-earning options, nonprofit organizations, and next-level business growth. Both can be opened with a $25 opening deposit…

U.S. Bank and Bank of America are in the top five largest banks across the nation. U.S. Bank has branches in 26 states, while Bank of America has branches in Washington, D.C., and 38 states—so depending on your geographical location, one may be the better fit if you need access to a branch. Both offer competitive…

Bank of America has two business checking account options. The Business Advantage Fundamentals Banking account is geared toward smaller business models and currently has no monthly fee for the first 12 months. Meanwhile, the Business Advantage Relationship Banking account has a built-in fee structure to support multiple business accounts and a robust online banking platform…

The main difference between a business money market vs CD lies in the ability to write checks and make withdrawals using a debit card. A business MMA has checking account features and may come with a debit card, whereas a CD has neither—it’s a time deposit account, something an MMA isn’t. That means that an…

As traditional banks, U.S. Bank and Chase offer in-person banking and online banking services. U.S. Bank offers the Business Essentials Checking account with no monthly service fee, unlimited digital transactions, and 25 free teller transactions. Meanwhile, Chase has the Business Complete Banking Account with a $15 monthly fee that can be waived by meeting certain…

Running a trucking business means managing cash flow on someone else’s timeline. You might be paying for fuel every day, covering maintenance costs out of pocket, and still waiting weeks to get paid by brokers or shippers. When you are constantly on the road, you also need a bank that works from your phone, not…

A CD ladder is a series of four or more CDs ranging from a three-month term to a five-year term—imagine one CD on each rung of a literal ladder constantly moving up and earning interest when it reaches the top at maturity. CD laddering provides more liquidity than putting all your savings in a single-term…

The Chase Performance Business Checking account is tailored to meet the needs of businesses with a high transaction volume. It’s also well suited for small and midsize companies searching for a cost-effective way to manage cash flow, deposits, wires, and payroll. There is a $30 monthly fee—unless you maintain a minimum balance of $35,000. This…

I’ll walk you through how to open a sole proprietorship bank account, from registering your business and finding a bank to opening and funding the account. Setting up a bank account for a sole proprietorship is an important step in your business journey because having a dedicated bank account will give your business credibility with…

A business money market account (MMA) is a flexible, low-risk method of saving money while maintaining access to the funds you have on deposit. It functions like a savings account by offering an APY equal to or higher than most regular business savings accounts. It has features similar to a checking account, such as check-writing…